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2023 (12) TMI 497 - ITAT MUMBAIReopening of assessment - Addition made u/s.69A - difference between agreement value and market value - HELD THAT:- Assessee has purchased the premises in question by virtue of the sale agreement from M/s. Trincas Agencies & Commerce Pvt. Ltd. reopening in case of the assessee for A.Y. 2011-12 is not sustainable in the eyes of law. Even on merits the assessee has proved on record the ledger account of M/s. Trincas Agencies & Commerce Pvt. Ltd. showing payment through banking channel. The assessee has also brought on record his bank statement available wherein payment of the sale consideration is shown to have been made through Union Bank of India from his bank account. When we examine sale agreement between M/s. Trincas Agencies & Commerce Pvt. Ltd. and the assessee for a consideration of Rs. 9,92,00,000/-. From the document available it is proved that the assessee has purchased the property in question more than the fair market value - Assessee has nothing to do with M/s. Sunshine Housing & Infrastructure Pvt. Ltd. rather purchased the property in question in A.Y. 2013-14 in second sale from M/s. Trincas Agencies & Commerce Pvt. Ltd. at the rate more than the fair market value. Reopening made on the basis of search conducted at the M/s. Sunshine Housing & Infrastructure Pvt. Ltd. and the statement of Shri N.K. Vora recorded under section 132(4) of the Act reopening of the assessment in A.Y. 2011-12 is invalid and not sustainable in the eyes of law. Even on merits the addition made in the hands of the assessee in A.Y. 2011-12 in which no such property was purchased by the assessee is sustainable in the eyes of law, hence ordered to be deleted. Appeal filed by the assessee is allowed.
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